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My take:  Give the 360 its own identity.  To people on the outside looking in, it's gotta deferentiate (I know I fucked up the spelling on that one!) the 360 from the PS3 and the Wii.  If that happens, it won't matter if the PS3 and 360 share 90% of their library.  It'll be known as the console with the Johnny 5 camera.